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| Statement |
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| And as I did on our last call, I'm pleased to share that we continue to receive encouraging customer feedback on our new offerings from brands and agencies |
| Marin, with our Marin One platform and our team of digital advertising experts is well-positioned to support leading brands and their agencies in these efforts |
| Marin can benefit as consumers spend increasing time online and ad dollars follow them, creating more need for brands to measure, manage, and optimize these investments to acquire customers and drive revenue outcomes in an increasingly fragmented online advertising landscape |
| As I have shared in prior calls, I believe Marin has a tremendous opportunity |
| I'm pleased to report that initial customer results with Marin Ascend are encouraging for both financial lift and time savings |
| Creating what we believe is a compelling opportunity for Marin's optimization offering |
| Using our Ascend functionality, Marin's platform saved time and increased revenue for an agency customer by 20% with intelligent budget pacing with dynamic allocation |
| Customer examples in the past quarter include increased revenue for Yotel by 323% using Marin's Google to Microsoft Sync and Internet brands increased revenue 30% by uniting customer lifecycle data with Marin's Revenue Hub |
| And in Q4, Marin doubled lead volume for Alumni Ventures and reduced cost per lead by 33% with our budgeting optimization functionality |
| The $1.9 million non-GAAP operating loss in Q4 beat the high end of our guidance by approximately $100,000 |
| Marin will continue to advance and expand our budget optimization functionality as we see this as an enduring area for an independent ad management platform to add value |
| Our efforts are focused on growing our business and we continue to believe that our strategy is sound as we report ongoing moderation in our revenue decline on a year-over-year basis |
| Our team enhanced in app e-commerce data to include Amazon shopping, product level cost and revenue across both paid and organic sales for greater transparency and more comprehensive revenue reporting |
| As new publishers become more important and full time staffing levels come under increased pressure, Marin's ability to supplement in-house teams at brands and agencies with Marin's experienced digital marketers is resonating in the marketplace |
| This restructuring helps to bring our expense base more in line with our current revenues |
| Our plan to achieve this is focused on delivering a leading cross-channel advertising management platform to enable brands and their agencies to maximize the returns from their online advertising investments |
| Marin provides marketers with a powerful UI to automate these budgeting decisions while providing flexible budgeting controls |
| Our Q4 non-GAAP operating loss was also above the high end of our guidance, despite our lower revenue for the quarter and continued investment in Marin One and our team |
| Ascend builds on the data foundation provided by Connect, helping advertisers maximize the return on their marketing investment |
| We are seeing growing interest in brands taking a cross-channel approach to their digital advertising investments, including early interest in Marin's budget optimization functionality, which we call Marin Ascend |
| As I discuss on each call, we remain committed to returning Marin to growth and maximizing shareholder value |
| We also seek to complement the publisher tools by enabling management at scale for large paid media programs, driving time savings and financial lift |
| There is also the potential of Federal legislation to regulate certain conduct of the leading publishers, which could benefit Marin's role as an independent ad management platform |
| We have been investing significantly over the past quarters to give brands and agencies a user friendly cross-channel advertising management platform, enabling them to sell more with the platform that unifies the fragmented world of performance marketing |
| The restructuring plan is expected to reduce our pre-tax cost structure by approximately $10 million to $13 million on an annualized basis |
| We also enabled support for Amazon Store Spotlight and Sponsored Brand Video, critical ad types to drive brand awareness to deliver more comprehensive campaign management on Amazon's platform |
| With many companies facing uncertain business outlooks and reducing their staffing levels, Marin stands ready to provide managed services capabilities flexibly to supplement our self-service SaaS platform |
| Ascend supports a range of publishers and channels, and just this quarter we enhanced our support for LinkedIn, TikTok, Apple Search Ads and Tabula to include Marin's proprietary forecast in budget models and simulations |
| This functionality uses machine learning combined with customizable rules to help advertisers maximize the return on their marketing investment |
| About half of our team is in technology roles, reflecting our significant investment in delivering products to drive results for leading brands in their agencies |
| Statement |
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| Revenue was down approximately 16% when compared to total revenue for the fourth quarter of 2022 |
| On a sequential basis, Marin's revenues were down just slightly from Q3 |
| For the full year 2023, revenue totaled $17.7 million, which is a year-over-year decrease of 11% as compared to $20 million in 2022 |
| Our revenue guidance reflects our estimate at the continued impact of the uncertain economic environment on advertising spend by both existing and prospective customers |
| As announced in today's earnings release, Q4 revenues came in at $4.4 million, which was in line with the high end of our previously published guidance for Q4, but still down from Q4 in the prior year |
| For the full year, our non-GAAP operating expenses were $23.4 million, which represents a decrease of approximately 14% as compared to 2022, again primarily due to the implementation of our restructuring plan in the third quarter |
| Our non-GAAP operating loss was $1.9 million for the fourth quarter of 2023 as compared to a $4.2 million loss for the fourth quarter of 2022 |
| Our Marin One development efforts have taken longer and acquired more investment than originally projected |
| Our Q4 non-GAAP operating expenses were $4.6 million, which represents a 33% decrease when compared to the fourth quarter of 2022 |
| The decrease in operating loss as compared to Q4 2022 is attributable to the implementation of our restructuring plan, which was partially offset by lower revenue |
| Our full year 2023 non-GAAP operating loss is $14.6 million as compared to a $17.7 million loss in 2022 |
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